Bitcoin price broke above its narrow 4-day trading range, but may soon re-enter the horizontal layer that has been constraining market activity.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Although it looked like the wave would push toward $440 in SUnday’s low liquidity, the wave has been declining piece-meal since the high at $428.
In keeping with the jagged price patterns visible in the chart, we can expect that the spike up will eventually be fully retraced, or perhaps continue lower.
The vicinity of the 200-period moving average (red) seems a logical target, below which we’d look to short. Staying above means ongoing consolidation.
Bitcoin price reversed quickly from an upward spike on Sunday. Price is currently retracing the spike and may continue doing until reaching its level of origin. Meandering price with no clear direction. Only a directional breakout could clarify this chart, but until then there may be a lot more sideways price action to endure.
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Bitcoin price charts from TradingView.
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